The Financial Conduct Authority (FCA), the top financial authority in the United Kingdom, has raised concerns over Binance’s recent partnership with Paysafe, a retail payment processor.

The U.K. financial watchdog said the latest partnership of Binance gives it access to the extensive retail payments network via Faster Payment Services, a critical service that was discontinued for the crypto exchange citing regulatory concerns. The FCA ordered Binance to halt all its services in June. Prominent banks such as Barclays have withdrawn their support to the exchange, resulting in the suspension of banking services.

Binance managed to facilitate its consumers with Sterling deposits again and reopened Single Euro Payments Area transfers on Jan. 26 after its partnership with Paysafe. This has become a cause for concern for the financial watchdog, which has deemed the exchange as a “significant risk.” However, the financial regulator also noted that it has little say in these kinds of partnerships, reported the Financial Times.

“Paysafe is aware of our concerns and is subject to close ongoing supervision consistent with our approach for firms of its size. We cannot comment further,” FCA noted.

Related: UK Treasury wants to remove blockchain reference from crypto definition

The crypto exchange has maintained that it has been working with the FCA post-warnings to become a compliant exchange in the country. Binance and Paysafe didn’t respond to requests for comments from Cointelegraph at the time of publishing.

Binance’s regulatory trouble in 2021 started in the U.K…


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